Weak Currencies Make it More Costly to Pay Foreign Debt

Companies in exposed parts of Asia are facing a debt-repayment crunch as plunging local currencies make it more costly to repay foreign loans, a situation that is exacerbating stresses on the region's economies.

Asian companies took out sizable foreign loans in recent years as the U.S. Federal Reserve kept interest rates low and printed money. For companies in nations like India and Indonesia, rates on U.S.-denominated debt were more...